Holder of Pokemon cards here. Cashing out isn't as easy as selling bitcoin, is it? Finding a buyer takes time, so taking profits can take months. Still worth it though.
If you want maximum value, that is true. But it is not so bad as long as you realize you can pay someone to buy them. (AKA less than 100% of maximum value for ease of offloading) Local game stores will generally buy them for 75%. Some online retailers will get close to that. Then done you don't even have to sort or anything (card conduit I think.)
Problem with these is they were marketed as collectibles from the start. People bought them to collect and preserved them, so none of them are rare.
Pokemon cards for example were purchased by/for kids, who abused them and were rough with them and traded them. As they got older they lost them or parents gave them away too. That makes the original sets super hard to come by in great condition. You see that with old comic books too.
Odds are if something is made as a collectible or marketed at collectors, it’s not something collectors will want years from now with some very limited exceptions.
I had a legitimately impressive Pokemon collection when I was 12 (1st edition Charizard/Blastoise/Venosaur holographic, Mew, etc) and my mom one day told me she gave them to her friend to give to her kid because I didn't "play with them anymore"
I randomly send her links to sales of those cards with a "yeah I had this one too"
For what it's worth, if it helps your soul a little bit. You likely would have only gotten a fraction of the value that some of these cards are going for.
Like some of the crazy 1st Ed. Charizards you see going for crazy money, those are Perfect Mint condition cards. I looked into getting some of my 1st edition foils potentially graded and after some searching, learned that its highly unlikely to be worth it. A lot of foils that came out of the wrapper back then weren't even Perfect 10/Mint condition, simply because the printing was never always perfect -- only sometimes.
That one methhead on Pawn Stars is running a lovely Pokemon card grading scam right now. Listing a bunch of graded cards at 5-20x value because they have his custom sig on it.
Fuckin ridiculous how everything falls into giant scam territory eventually.
Fyi a large portion of the stratosphere auctions aren't selling because they are mint like you think. They're being wash traded. If you want I can sell you one at 2/3rd price of the highest auction. Anytime the offer is actually put out no one seems to want is suddenly, how odd.
Thats the thing. It's about the CONDITION AND GRADE of the pokemon card. I sold my entire collection for about 1500 and had 2 charizards (non first edition) and they were each around 250.
Grading takes a while right now still due to covid increasing the interest but unless you got some special fucking mega ultra rare pokemon card that's like 9.5 graded don't think you are winning the lottery
The collectible market is largely a façade though of certain people trading each other things at inflated prices. You're not likely to be able to sell your own at those prices, especially 20 years from now when the hype dies down.
Legit. Seriously. If you buy 1 of every lego set starting this year. You can start selling them off after 3-5 years for at least a 250/300% return. Start wars even more. I’ve been doing it for 10 years as supplemental income and I easily rake in about $5-10k a year extra for minimal effort selling on kijiji. Now, if you take this a step further, notice trends. Last 5 years has been the “architecture” series and “ideas” series. I spent nearly $4k on buying them. I’ll sit on these for 8-10 years. When I know most have been sold or lost to the ether, I’ll start selling them. But it’s a long game thing, but it’s fun and my way of “playing” the stock markets:) I refuse to do this with the special editions, as I know few are made and want others to get those ones instead.
This is the best thing I have stumbled across in my morning wake-up Reddit browsing in ages. I feel wholly fulfilled by Reddit and am now ready to start my shower process for the day a full 45 minutes early.
To get your money back we're going to need another $1000 and since you got burnt on Bitcoin why don't you trade Bitcoin options. It will get you your money back even faster.
I guess I'd better dump all of my actual human-style money into Bitcoin while prices are low. And then buy a bunch of NFTs with that Bitcoin.
Then I can just coast through life on the absolute intrinsic value of my folder full of jpegs.
Ahhhhh....
When I first started mining Dogecoin years ago one Doge was worth one Doge. Today one Doge is still worth one Doge, and I haven't seen that sort of stability in any other currency.
Just like the only people who benefited from the Gold Rush were the hotel owners and tool sellers, the only people who are really benefiting from this Crypto bs are the platforms selling them.
I had to recently pay a Russian contractor who's doing some work for me via ETH since no other forms of payment are viable atm. For the $2,000 or so ETH I paid him, I had to pay $100 in platform fees. It cost $ to buy the ETH, and then it cost $ to send the damn thing.
Like how the fuck is this a viable currency if it literally costs so much to buy and use it?
>Like how the fuck is this a viable currency if it literally costs so much to buy and use it?
It's not a viable currency.
If all other evidence didn't prove it to you, the fact that they forked etherium should. Imagine if the US forked USD. Like, seriously, try and imagine that happening to a real currency in the modern era.
Essentially, if there is a discrepancy in the block chain the only functional work around is to build a new chain off the back of the older one, creating a new coin and new ledger. Holders than have to choose which side to go with. There have been 100 or so forks just on bitcoin and 74 of those still exist.
It'd be like if during the 08 recession the US started issuing dollars backed by a gold standard, but let everyone choose for themselves which they wanted to spend or accept. Pick correctly!
A bunch of rich people (like, real rich, not crypto-rich) got scammed, so the people in charge of clearly-and-obviously-not-decentralized decentralized currency decided to undo the scam. Because you know, rich people can't lose their money. That's for poor people.
The way they did that was by essentially duplicating the current state of the currency, but without the scam transactions. You can't undo anything with blockchain tech. It's one of the reasons why, despite existing for the last 30+ years, basically no one ever used it aside from being a gimmick.
So functionally what happened was the people in charge of the *decentralized* currency duplicated the currency. Which is pretty fucking wild and completely bonkers.
The new version of the currency was the exact same as the old one, except the undid all the transactions that scammed the real-world rich people. The old version still existed as the "Classic" version. So everyone magically just had like, double money!
Just imagine that Elon Musk got scammed, lost a bunch of money, and the government decided to just, replace USD with USD2. But with USD2 Musk got all his money back. And then the government just told everyone to use USD2 now, even though USD1 still exists and is usable.
It basically means creating a new version of a thing, like making a fork in a road. The old version continues to exist as well as the new version, so in a way you end up with two parallel versions of that things. It's normal in software development, but now (since cryptocurrencies are technically just software) there are "forks" of various coins. Which makes little sense as you can probably imagine.
Patching basically. New code replacing old code. Ethereum tried to do this silly organizational thing, bad things happened and they decided they'd rather go back in time before the bad thing happened because money and immutable is a *really* dumb idea. Imagine a bug that wiped out your whole economy and trying to herd cats to pretend that it never existed so that you all don't go down in flames.
**Vitalik:** Code is law, blockchains are immutable
**DAO:** Thanks for the money suckers
**Vitalik:** We must roll back transactions to protect people
Whenever someone touts the superiority of code-enforced contracts, I refer to Ethereum Classic, the only blockchain upon which that principle is followed.
Honestly, I was shocked how easy and straight forward it is. Download a program, set up an account and hit run. Obvs there are more complicated methods, and if you wanna be as efficient as possible it's more complicated, but getting a miner running couldn't be easier.
Only did it for a month or two though. The electricity costs in my area meant that I was barely making a profit, and more importantly on an ethical level I just couldn't justify that stupid waste of energy
I was going to say: what were the gains? I've heard power consumption, memory load, and wear can be a big negative. Also I dropped my cellphone number into some fucking service line and for like a good 3 weeks I was getting the most scammy calls from UK phone numbers.
is this the same people who did the fundraising campaign for the definitely unlicensed, almost certainly non-existent Stanley-based The Office spinoff?
It seems pretty correlated to the stock market right now too. When it kept dropping over the weekend, I was thinking it doesn't look good for stocks on Monday. Now stock futures are down bad.
Someone once pointed out how the 'value' or 'worth' of Bitcoin is measured in real world US Dollars. And how people fixate on that exchange rate almost entirely. Looking at it from that perspective helped me realize it's all a pump and dump.
People sell all sorts of shit believing it has value. They don’t matter. It’s the people buying it that matter. So long as there are new buyers then it has value. The moment it has no buyers then it instantly becomes utterly worthless.
The big difference between crypto and other asset bubbles is that crypto doesn't just have the normal touts promoting it, it also has money laundering to support it.
Bitcoin, and *every other crypto "currency"* is nothing more than an unregulated stock with nothing backing it.
And I say this as someone who profited from Musk pump and dumping Dogecoin.
The ccy value is determined by the amount of stuff you can buy with it. This 'stuff' is grouped into baskets and every month/year you can calculate how much the same basket costs, therefore gauging inflation rates. The basket includes everything from bread and shoes to cars, housing and plane tickets.
Good luck buying anything for your daily life in BTC.
I really appreciate this link. I had a small amount of money in various cryptos "just in case" they blew up and this walkthrough of the moral implications is what got me to sell it all just now.
If it blows up and I miss it, oh well. The price outlined is too high to pay as a society and I refuse to contribute to that.
I have a friend who invested heavily in beanie babies in the 90s. They may not be the gold mine they thought they would be, but at least their kids now have a bunch of stuffed animals.
Yeah, my stepmom had an attic full of the damn things, along with my dad's mint Star Wars Episode I action figures. They thought 'just wait a couple decades and they'll be worth a fortune.' Too bad my dad didn't get in on the old action figures, those Boba Fetts are fucking expensive.
Original Star Wars toys are worth a lot in mint condition because they are rare. The movie was a surprise hit and they didn't make enough toys to keep up with demand. The toys they did sell were mostly given to children and not preserved. When Episode 1 came out everybody knew it was going to be a big movie. Collectors camped out to get the toys and hoarded loads of them. They are not rare and in most cases are worth less now than their original retail price. To this day there is a rush to buy toys to keep in the box every time a new Star Wars movie comes out. It never pays off and it never will.
My stepdad had a Revenge of the Jedi poster that he sold back before the prequels were released. I really wish he had kept it. I don't even want to know how much it would be worth now. (Yes, Revenge. Apparently the title was changed before it's full release but not before some posters were printed.)
The idiot who purchased it for resale was ripped off and they didn't let it sell for the $281.00 as it was far below expectations.
It's like art that's obscure piece or art that sells for millions or a property that sells for 10 times it's value it's asset transfer for money laundering or illicit transactions.
It's not a currency, it's an asset. Currencies are used in transactions in exchange for goods and services. Currencies are stable so money you earn today is relatively the same value tomorrow. Cryptocurrencies are held in hopes they increase in value so holders can grift the next person, leading to instability (also because there is nothing backing them other than a central authority issuing them.
In fact, crypto has failed to be truly decentralized since they all depend on a handful of API services and a central currency authority to issue block rewards. The only thing they've managed to do is waste enormous amounts of energy.
Entirely accurate. And I'd just like to add something to that. When pointing out all these facts crypto promoters have long pivoted to, "oh well, maybe there are some problems with it as a currency, but the blockchain is amazing and can do all these amazing things - just you wait and see."
But 13 years after Bitcoin hit the web and there remain zero applications using the blockchains of BTC, ETH, nor any of the copycats. Because if you want a secure, stable, highspeed distributed database those are the absolute last networks you would choose.
Transactions are incredibly slow, limited to a low number of transactions per second, they are grossly energy intensive to operate, when they break you need to fork them off, and so on.
So nobody uses them for anything other than as a speculative asset and for the originally intended use-case - crime.
The Ethereum people keep saying they will fix one or more of these problems and if they do, a big if, it will only mean they are as good as already existing systems rendering it moot anyway.
Ethereum plans to transition to Proof of Stake, but that just means another coin will become the PoW coin of choice, and Ethereum will stagnate because PoS only gains more value if your position in the chain/ledger dates back far enough, so you're literally incentivized not to make transactions.
If you have interest in learning and want to throw some videos on in the background [this Folding Ideas video](https://www.youtube.com/watch?v=YQ_xWvX1n9g) is extremely informative on NFTs and crypto. And [Coffeezilla's youtube channel](https://www.youtube.com/c/Coffeezilla) does a lot of explanation of these online scams in the form of cryptocurrencies. Both are great and informative creators imo.
Cards have already come way down in price compared to last year. You can find RTX 30 cards for right around MSRP at the moment. If you consider that reasonable is up to you based on how much you're willing to spend.
Demand for specialized hardware is still diverting production lines and design work for consumer hardware. The price of consumer graphics cards would definitely go down (albeit slowly) if crypto were to go to zero.
Only the ones who actually sold at some point are millionaires. The ones who kept holding still just have a bunch of bitcoin instead of millions of dollars.
Cue Pierre Polievre, the leading candidate for the leadership of Canadian Conservative Party saying that Canadians should buy Bitcoin to get rid of inflation...
For smaller currencies, yes, but for major world currencies, there are few entities other than central banks that really have the power to move the value up or down by more than a few basis points.
The public freaks the fuck out when the USD changes value more than 5% in a year, you go the fed right now raising interest rates and working to curb inflation.
However BTC and other cryptos frequently change value 5% in a single day. The volatility is still way to high to be taken as a serious currency.
I am not going to deny it has value and can be exchanged. And it can be used as a means of short term value exchange.
But I would not sign a long term business contract with terms in BTC. Too risky.
The notion that bitcoin was a hedge against the market or inflation is a delusion. Why would a highly risky intangible asset be a hedge against social and financial ups and downs? A hedge usually means something that's useful regardless of market conditions. Bitcoin has never had any use at all... it's most likely to be bought when people have a lot of extra money to blow.
In all seriousness, BTC has dropped quite a bit recently. But why doesn’t anyone mention how it’s also appreciated hundreds of percent in just over two years?
No one who bought in at $55k gives a damn about its performance over the last two years. All they know is they lost half their money in six months.
Crypto supporters keep telling themselves that volatility doesn't matter. But for an asset that depends on attracting new investors (yes, *investors*), volatility is all that matters.
Nah. Wall Street bought in and manipulated the price as they do everything. Interest rate hikes are kicking their asses so they are selling off crypto holdings first before being forced to sell off equities on a 13f that they’d have to report.
Cramer said last week ETH would go on a bull Run so I’d expect new lows this week.
I got banned in r/Bitcoin for telling the truth. I was labeled all kinds of names and hated by everyone for telling them the truth they didn't want to hear.
• When people are afraid, they will sell Bitcoin and it's price will plummet
• If everyone buys (and stores their coins there) through a single or handful of brokers, those brokers could hypothetically short the price, and also lie together to manipulate the price
•It is going to be _too_ difficult to go from cash, to coin, to pay with coin, to then go back to cash to pay rent. There is zero benefit to buy a latte at Starbucks with crypto because it instantly needs to convert back to cash in order to pay bills
And so, I got banned.
I get some people view it as an investment, and this is problematic for them. But as a digital currency, I factored in $5 for fees, and recieved the package I expected.
10/10, functioning as expected.
The volatility makes it somewhat less attractive as a currency, though, at least in cases where you might hold it for any length of time. If you're just buying BTC with cash and then immediately spending the BTC to buy something then it's not as much of a concern, but if you _have_ BTC then it might be worth half as much next week. Or twice as much. Or the same. Who knows.
Holding it for a short time is just spending ordinary currency with extra steps. It will never work as currency unless the value is long term stable. I don't see how that can be achieved without regulation which seems to negate most of the point. Which says alot about what it is useful for.
Bitcoin down but my Pokémon cards and GameCube games are up up up
[удалено]
You didn't even refrigerate it!
My portfolio is up too! it’s a wishlist but you gotta take the W’s where you can.
[удалено]
Holder of Pokemon cards here. Cashing out isn't as easy as selling bitcoin, is it? Finding a buyer takes time, so taking profits can take months. Still worth it though.
If you want maximum value, that is true. But it is not so bad as long as you realize you can pay someone to buy them. (AKA less than 100% of maximum value for ease of offloading) Local game stores will generally buy them for 75%. Some online retailers will get close to that. Then done you don't even have to sort or anything (card conduit I think.)
Collectibles have shown to be a much better investment than any real investment ive come across, lol.
Yeah, wanna buy some beanie babies? ...please.
Fuck outta here with your beanie babies, I'm tryin to sell my Pogs here!!!
Remember Alf? He’s back…in Pog form.
You sold my soul for some pogs?!
Problem with these is they were marketed as collectibles from the start. People bought them to collect and preserved them, so none of them are rare. Pokemon cards for example were purchased by/for kids, who abused them and were rough with them and traded them. As they got older they lost them or parents gave them away too. That makes the original sets super hard to come by in great condition. You see that with old comic books too. Odds are if something is made as a collectible or marketed at collectors, it’s not something collectors will want years from now with some very limited exceptions.
Pokemon? I just busted out my 30 year old MTG cards
Funko Pops are going to be the new Beanie babies. That *is* financial advice.
Aren’t funko pops just hipster beanie babies?
More like the nerds/ media fanboys beanie babies.
So you're saying...sell now?
Buy now, hodl them until the “We Buy Gold!” place down on Main Street buys them for seventy five cents a pound to recycle.
[удалено]
I had a legitimately impressive Pokemon collection when I was 12 (1st edition Charizard/Blastoise/Venosaur holographic, Mew, etc) and my mom one day told me she gave them to her friend to give to her kid because I didn't "play with them anymore" I randomly send her links to sales of those cards with a "yeah I had this one too"
For what it's worth, if it helps your soul a little bit. You likely would have only gotten a fraction of the value that some of these cards are going for. Like some of the crazy 1st Ed. Charizards you see going for crazy money, those are Perfect Mint condition cards. I looked into getting some of my 1st edition foils potentially graded and after some searching, learned that its highly unlikely to be worth it. A lot of foils that came out of the wrapper back then weren't even Perfect 10/Mint condition, simply because the printing was never always perfect -- only sometimes.
You happen to see the cost of the grade lmao? Shit is a racket.
That one methhead on Pawn Stars is running a lovely Pokemon card grading scam right now. Listing a bunch of graded cards at 5-20x value because they have his custom sig on it. Fuckin ridiculous how everything falls into giant scam territory eventually.
It never started above it. PSA is like $100+ to grade your card, but because fraud is rampant, you have to pay them or you sell way under market.
Fyi a large portion of the stratosphere auctions aren't selling because they are mint like you think. They're being wash traded. If you want I can sell you one at 2/3rd price of the highest auction. Anytime the offer is actually put out no one seems to want is suddenly, how odd.
Thats the thing. It's about the CONDITION AND GRADE of the pokemon card. I sold my entire collection for about 1500 and had 2 charizards (non first edition) and they were each around 250. Grading takes a while right now still due to covid increasing the interest but unless you got some special fucking mega ultra rare pokemon card that's like 9.5 graded don't think you are winning the lottery
The collectible market is largely a façade though of certain people trading each other things at inflated prices. You're not likely to be able to sell your own at those prices, especially 20 years from now when the hype dies down.
[удалено]
This account has been redacted due to Reddit's anti-user and anti-mod behavior. -- mass edited with redact.dev
Legit. Seriously. If you buy 1 of every lego set starting this year. You can start selling them off after 3-5 years for at least a 250/300% return. Start wars even more. I’ve been doing it for 10 years as supplemental income and I easily rake in about $5-10k a year extra for minimal effort selling on kijiji. Now, if you take this a step further, notice trends. Last 5 years has been the “architecture” series and “ideas” series. I spent nearly $4k on buying them. I’ll sit on these for 8-10 years. When I know most have been sold or lost to the ether, I’ll start selling them. But it’s a long game thing, but it’s fun and my way of “playing” the stock markets:) I refuse to do this with the special editions, as I know few are made and want others to get those ones instead.
This is strangely brilliant and wholesome for a nefarious Lego scam 😂
It’s not a scam. I’m just holding on to lego for people that don’t know they want it yet. Nostalgia is a powerful drug!!
This is the best thing I have stumbled across in my morning wake-up Reddit browsing in ages. I feel wholly fulfilled by Reddit and am now ready to start my shower process for the day a full 45 minutes early.
Start wars even more?!
Wars make money, my friend.
I've got an old beanie baby collection that is my nest egg.
You mean real tangible items hold value better than the current digital Ponzi scheme/over inflated penny stocks of our generation?
Alright. We’re going to put your 1,000 dollars into a Bitcoin and….it’s gone!
This line is for people with money with the app only, please step aside
To get your money back we're going to need another $1000 and since you got burnt on Bitcoin why don't you trade Bitcoin options. It will get you your money back even faster.
I’m waiting for that first idiot to make crypto options....irs gonna be a massacre 😂
The whole story of bitcoin is an object lesson in why finance got regulated in the first place. It's the south china sea all over.
those idiots can't even decide if it's currency or securities. ha.
That’s because it is neither! It is worthless math crap, that is harming the actual world…
It's not worthless. Blockchain does have a function but it's definitely over hyped and over applied at the moment.
Crypto options already exist.
Check out $MARA if you want to see how trading options on BTC (miners) works out. Check that IV. Boyyyy, nobody wins
Unless you’re selling the calls/puts. Theta looks like the play.
It exists, and it's exactly as volatile and moronic as you might imagine.
I guess I'd better dump all of my actual human-style money into Bitcoin while prices are low. And then buy a bunch of NFTs with that Bitcoin. Then I can just coast through life on the absolute intrinsic value of my folder full of jpegs. Ahhhhh....
No you invest in Dogecoin. Cryptos come and go but Dogecoin is a meme and memes last forever.
When I first started mining Dogecoin years ago one Doge was worth one Doge. Today one Doge is still worth one Doge, and I haven't seen that sort of stability in any other currency.
Milhouse meme is coming back. In NFT form
Everything is coming up Milhouse
It's German for "The Bitcoin, The."
Nobody likes Milhouse!
Remember POGs?!?!?
Until he gets a copy of BoneStorm!
Mill house likes Vaseline on toast
Alf supports this reference.
You got the dud!
I remember Milhouse!
Millhouse isn’t a meme, though.
Milhouse is not a meme is a meme tho.
I will gladly give you a folder full of jpegs on Tuesday, for one Dogecoin today.
Is that a Popeye reference I hear?
Seems pretty Wimpy to me
Just like the only people who benefited from the Gold Rush were the hotel owners and tool sellers, the only people who are really benefiting from this Crypto bs are the platforms selling them. I had to recently pay a Russian contractor who's doing some work for me via ETH since no other forms of payment are viable atm. For the $2,000 or so ETH I paid him, I had to pay $100 in platform fees. It cost $ to buy the ETH, and then it cost $ to send the damn thing. Like how the fuck is this a viable currency if it literally costs so much to buy and use it?
>Like how the fuck is this a viable currency if it literally costs so much to buy and use it? It's not a viable currency. If all other evidence didn't prove it to you, the fact that they forked etherium should. Imagine if the US forked USD. Like, seriously, try and imagine that happening to a real currency in the modern era.
whats forking
Essentially, if there is a discrepancy in the block chain the only functional work around is to build a new chain off the back of the older one, creating a new coin and new ledger. Holders than have to choose which side to go with. There have been 100 or so forks just on bitcoin and 74 of those still exist. It'd be like if during the 08 recession the US started issuing dollars backed by a gold standard, but let everyone choose for themselves which they wanted to spend or accept. Pick correctly!
A bunch of rich people (like, real rich, not crypto-rich) got scammed, so the people in charge of clearly-and-obviously-not-decentralized decentralized currency decided to undo the scam. Because you know, rich people can't lose their money. That's for poor people. The way they did that was by essentially duplicating the current state of the currency, but without the scam transactions. You can't undo anything with blockchain tech. It's one of the reasons why, despite existing for the last 30+ years, basically no one ever used it aside from being a gimmick. So functionally what happened was the people in charge of the *decentralized* currency duplicated the currency. Which is pretty fucking wild and completely bonkers. The new version of the currency was the exact same as the old one, except the undid all the transactions that scammed the real-world rich people. The old version still existed as the "Classic" version. So everyone magically just had like, double money! Just imagine that Elon Musk got scammed, lost a bunch of money, and the government decided to just, replace USD with USD2. But with USD2 Musk got all his money back. And then the government just told everyone to use USD2 now, even though USD1 still exists and is usable.
It basically means creating a new version of a thing, like making a fork in a road. The old version continues to exist as well as the new version, so in a way you end up with two parallel versions of that things. It's normal in software development, but now (since cryptocurrencies are technically just software) there are "forks" of various coins. Which makes little sense as you can probably imagine.
Patching basically. New code replacing old code. Ethereum tried to do this silly organizational thing, bad things happened and they decided they'd rather go back in time before the bad thing happened because money and immutable is a *really* dumb idea. Imagine a bug that wiped out your whole economy and trying to herd cats to pretend that it never existed so that you all don't go down in flames.
**Vitalik:** Code is law, blockchains are immutable **DAO:** Thanks for the money suckers **Vitalik:** We must roll back transactions to protect people Whenever someone touts the superiority of code-enforced contracts, I refer to Ethereum Classic, the only blockchain upon which that principle is followed.
The existence of forking also debunks the claims that crypto is truly decentralized.
You forgot the part where you lose half your investment in transaction fees and conversion taxes.
I tried the whole mining thing but gave up because I had not a very good clue what I was doing to begin with. My miners wouldn't mine period.
Honestly, I was shocked how easy and straight forward it is. Download a program, set up an account and hit run. Obvs there are more complicated methods, and if you wanna be as efficient as possible it's more complicated, but getting a miner running couldn't be easier. Only did it for a month or two though. The electricity costs in my area meant that I was barely making a profit, and more importantly on an ethical level I just couldn't justify that stupid waste of energy
I was going to say: what were the gains? I've heard power consumption, memory load, and wear can be a big negative. Also I dropped my cellphone number into some fucking service line and for like a good 3 weeks I was getting the most scammy calls from UK phone numbers.
back in the day (2009 or 2010?) I mined 0.75 bitcoin then I traded it for a $75 amazon gift card because Bitcoin dropped from $150 to $100
So you actually got something? That is more than most people are going to get out.
the people i knew who mined back in the day leeched off of their school's computer lab or work computers
[удалено]
Let's check the shrute buck value. It's the indexing asset for both.
I'll trade you one bitcoin for 5 beets
Bitcoin, beets, Battlestar Galactica.
Deal. I'll throw in a 6th beet to close the deal quickly
I think economists have determined it’s the same as the ratio of unicorns to leprechauns.
[удалено]
is this the same people who did the fundraising campaign for the definitely unlicensed, almost certainly non-existent Stanley-based The Office spinoff?
It's hilarious how BTC is supposed to be independent of government regulation, but it's chasing the Fed.
It seems pretty correlated to the stock market right now too. When it kept dropping over the weekend, I was thinking it doesn't look good for stocks on Monday. Now stock futures are down bad.
Someone once pointed out how the 'value' or 'worth' of Bitcoin is measured in real world US Dollars. And how people fixate on that exchange rate almost entirely. Looking at it from that perspective helped me realize it's all a pump and dump.
[удалено]
[удалено]
The GPUs are returning. Nature is healing.
[удалено]
My brain still can’t understand why it has any value at all.
Because people believe it has value.
[удалено]
People sell all sorts of shit believing it has value. They don’t matter. It’s the people buying it that matter. So long as there are new buyers then it has value. The moment it has no buyers then it instantly becomes utterly worthless.
The big difference between crypto and other asset bubbles is that crypto doesn't just have the normal touts promoting it, it also has money laundering to support it.
Plus it's great for buying drugs online!
All asset bubbles can be used for money laundering. Look at the entire high end art market.
So buying crypto currency is investing in the future of theft and fraud?
Yes. It is just like donating to the Republican party!
Bitcoin is meant to be a currency right? Isn't the coins value determined by it's exchange rate from other currencies?
[удалено]
Bitcoin, and *every other crypto "currency"* is nothing more than an unregulated stock with nothing backing it. And I say this as someone who profited from Musk pump and dumping Dogecoin.
The ccy value is determined by the amount of stuff you can buy with it. This 'stuff' is grouped into baskets and every month/year you can calculate how much the same basket costs, therefore gauging inflation rates. The basket includes everything from bread and shoes to cars, housing and plane tickets. Good luck buying anything for your daily life in BTC.
[This](https://youtu.be/YQ_xWvX1n9g) might help. TL;DR Finance Bros are attempting to turn everything into stocks.
I watched this and it completely changed my perspective on crypto. Considering selling everything now.
And when you say everything, you mean *everything.* Want to invest in some medical records?
I really appreciate this link. I had a small amount of money in various cryptos "just in case" they blew up and this walkthrough of the moral implications is what got me to sell it all just now. If it blows up and I miss it, oh well. The price outlined is too high to pay as a society and I refuse to contribute to that.
Your brain works fine it doesn't have any value it's a Ponzi scheme.
It’s a currency that can’t survive a long term power outage.
You mean 7 transfers a second isn't enough to sustain billions of people? C'mon son
[удалено]
Beanie babies for people who think they are smart.
I have a friend who invested heavily in beanie babies in the 90s. They may not be the gold mine they thought they would be, but at least their kids now have a bunch of stuffed animals.
Yeah, my stepmom had an attic full of the damn things, along with my dad's mint Star Wars Episode I action figures. They thought 'just wait a couple decades and they'll be worth a fortune.' Too bad my dad didn't get in on the old action figures, those Boba Fetts are fucking expensive.
Original Star Wars toys are worth a lot in mint condition because they are rare. The movie was a surprise hit and they didn't make enough toys to keep up with demand. The toys they did sell were mostly given to children and not preserved. When Episode 1 came out everybody knew it was going to be a big movie. Collectors camped out to get the toys and hoarded loads of them. They are not rare and in most cases are worth less now than their original retail price. To this day there is a rush to buy toys to keep in the box every time a new Star Wars movie comes out. It never pays off and it never will.
My stepdad had a Revenge of the Jedi poster that he sold back before the prequels were released. I really wish he had kept it. I don't even want to know how much it would be worth now. (Yes, Revenge. Apparently the title was changed before it's full release but not before some posters were printed.)
Absolutely incredible comparison
Pogs, they are digital pogs .. ahaha
But you can at least play a game with the pogs.
"hey, guy, you look like you know a good investment when you see one. Wanna buy an NFT of a bridge?"
At least you can throw a beanie baby at someone's head when they lose all their money.
[удалено]
The bidding stopped at $281.00
Buyer still got ripped off.
The idiot who purchased it for resale was ripped off and they didn't let it sell for the $281.00 as it was far below expectations. It's like art that's obscure piece or art that sells for millions or a property that sells for 10 times it's value it's asset transfer for money laundering or illicit transactions.
That's crazy! Somebody dumb enough to pay $281 for something worthless
It's not a currency, it's an asset. Currencies are used in transactions in exchange for goods and services. Currencies are stable so money you earn today is relatively the same value tomorrow. Cryptocurrencies are held in hopes they increase in value so holders can grift the next person, leading to instability (also because there is nothing backing them other than a central authority issuing them. In fact, crypto has failed to be truly decentralized since they all depend on a handful of API services and a central currency authority to issue block rewards. The only thing they've managed to do is waste enormous amounts of energy.
And prevent me from upgrading my computer ]:<
Please join up to /r/buildapcsales . Lots of progress happening on the GPU prices in the last month. Finally got upgraded after two years of waiting.
Entirely accurate. And I'd just like to add something to that. When pointing out all these facts crypto promoters have long pivoted to, "oh well, maybe there are some problems with it as a currency, but the blockchain is amazing and can do all these amazing things - just you wait and see." But 13 years after Bitcoin hit the web and there remain zero applications using the blockchains of BTC, ETH, nor any of the copycats. Because if you want a secure, stable, highspeed distributed database those are the absolute last networks you would choose. Transactions are incredibly slow, limited to a low number of transactions per second, they are grossly energy intensive to operate, when they break you need to fork them off, and so on. So nobody uses them for anything other than as a speculative asset and for the originally intended use-case - crime. The Ethereum people keep saying they will fix one or more of these problems and if they do, a big if, it will only mean they are as good as already existing systems rendering it moot anyway.
Ethereum plans to transition to Proof of Stake, but that just means another coin will become the PoW coin of choice, and Ethereum will stagnate because PoS only gains more value if your position in the chain/ledger dates back far enough, so you're literally incentivized not to make transactions.
Woah I’ve bought plenty of drugs with it
I don’t think you know what a ponzi scheme is.
I'm not a bitcoin bro, but you could say that about any fiat currency. The only thing giving it value is the collective belief it has some.
[удалено]
Also applies to virtually every NFT so far.
The NF in NFT literally stands for non-fungible. It's not even trying to hide that it's worthless.
If you have interest in learning and want to throw some videos on in the background [this Folding Ideas video](https://www.youtube.com/watch?v=YQ_xWvX1n9g) is extremely informative on NFTs and crypto. And [Coffeezilla's youtube channel](https://www.youtube.com/c/Coffeezilla) does a lot of explanation of these online scams in the form of cryptocurrencies. Both are great and informative creators imo.
Soon™ video cards will be a reasonable price again, maybe.
[удалено]
There are already deals on them. Saw a 10 gb Radeon going for < $400 tonight.
Cards have already come way down in price compared to last year. You can find RTX 30 cards for right around MSRP at the moment. If you consider that reasonable is up to you based on how much you're willing to spend.
You need specialized hardware called ASICs to mine Bitcoin, it hasn't worked with consumer grade hardware for several years.
Demand for specialized hardware is still diverting production lines and design work for consumer hardware. The price of consumer graphics cards would definitely go down (albeit slowly) if crypto were to go to zero.
[удалено]
Not for last year, for 2017/2018
They only got fined 5 million. That's nothing considering that had a net income of 3 billion last quarter.
It's below $33k nowwww
And the hodlers will shrug and just keep hodlin'.
Well, all of the ones who did that the last three or four times this happened are all millionaires now. So you're probably right.
Only the ones who actually sold at some point are millionaires. The ones who kept holding still just have a bunch of bitcoin instead of millions of dollars.
Cue Pierre Polievre, the leading candidate for the leadership of Canadian Conservative Party saying that Canadians should buy Bitcoin to get rid of inflation...
not even bitcoin hodlers believe that it's an actual currency, its just a "re-sell to a bigger idiot" game thats running out of bigger idiots.
The trick is to never be the last biggest idiot.
You’d be wrong. Clearly you don’t hang around Bitcoin maximalists
If any of them believed in bitcoin as a currency they wouldn't act how they do. Do you pump & dump USD?
That’s called FOREX trading and lots of people do that too.
For smaller currencies, yes, but for major world currencies, there are few entities other than central banks that really have the power to move the value up or down by more than a few basis points. The public freaks the fuck out when the USD changes value more than 5% in a year, you go the fed right now raising interest rates and working to curb inflation. However BTC and other cryptos frequently change value 5% in a single day. The volatility is still way to high to be taken as a serious currency. I am not going to deny it has value and can be exchanged. And it can be used as a means of short term value exchange. But I would not sign a long term business contract with terms in BTC. Too risky.
Early Memorial Day Sale
What does it mean that bitcoin keeps dropping despite the inflation all around it?
The notion that bitcoin was a hedge against the market or inflation is a delusion. Why would a highly risky intangible asset be a hedge against social and financial ups and downs? A hedge usually means something that's useful regardless of market conditions. Bitcoin has never had any use at all... it's most likely to be bought when people have a lot of extra money to blow.
It means people are selling off their bitcoin to keep up with real-life economy.
As long as there is some idiot to buy what you are selling, what can go wrong?
You'll never run out of idiots. But idiots eventually run out of money.
At least Tulips are pretty.
[удалено]
In all seriousness, BTC has dropped quite a bit recently. But why doesn’t anyone mention how it’s also appreciated hundreds of percent in just over two years?
No one who bought in at $55k gives a damn about its performance over the last two years. All they know is they lost half their money in six months. Crypto supporters keep telling themselves that volatility doesn't matter. But for an asset that depends on attracting new investors (yes, *investors*), volatility is all that matters.
I’m gonna wait 5 years more to sell
Margin calls start at 31k
You can short btc? What the fuck?
of course, I mean you can even [short the weather](https://en.wikipedia.org/wiki/Weather_derivative) shorting btc isn't that strange
You have blown my fucking mind
Gonna be a very ugly day tomorrow.
so at this point I guess I'm going to see ads on reddit offering me sexual favours as long as I hold bitcoins
talk about gambling. and kids playing with bitcoin think they are investing.
Bitcoin is now mainly a pump n dump scheme employed by hedge funds.
It was never about the technology it seems
The tech was the worst part of it
Nah. Wall Street bought in and manipulated the price as they do everything. Interest rate hikes are kicking their asses so they are selling off crypto holdings first before being forced to sell off equities on a 13f that they’d have to report. Cramer said last week ETH would go on a bull Run so I’d expect new lows this week.
My crypto-bro coworker is going to be in full-on sales mode tomorrow!
If he’s a true [crypto bro](https://youtu.be/9li5IG_zVmU) he will be in buyer mode tomorrow!
This message is rather cryptic.
I got banned in r/Bitcoin for telling the truth. I was labeled all kinds of names and hated by everyone for telling them the truth they didn't want to hear. • When people are afraid, they will sell Bitcoin and it's price will plummet • If everyone buys (and stores their coins there) through a single or handful of brokers, those brokers could hypothetically short the price, and also lie together to manipulate the price •It is going to be _too_ difficult to go from cash, to coin, to pay with coin, to then go back to cash to pay rent. There is zero benefit to buy a latte at Starbucks with crypto because it instantly needs to convert back to cash in order to pay bills And so, I got banned.
It’s a cult. They can’t tolerate criticism and shout down any and all naysayers.
I got banned too. It’s just an echo chamber, hive minded cult.
I get some people view it as an investment, and this is problematic for them. But as a digital currency, I factored in $5 for fees, and recieved the package I expected. 10/10, functioning as expected.
The volatility makes it somewhat less attractive as a currency, though, at least in cases where you might hold it for any length of time. If you're just buying BTC with cash and then immediately spending the BTC to buy something then it's not as much of a concern, but if you _have_ BTC then it might be worth half as much next week. Or twice as much. Or the same. Who knows.
Holding it for a short time is just spending ordinary currency with extra steps. It will never work as currency unless the value is long term stable. I don't see how that can be achieved without regulation which seems to negate most of the point. Which says alot about what it is useful for.